Gold & Silver in USD
Precious metals are the oldest dollar benchmark of all. Here is how their prices are formed and quoted.
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Spot price versus what you pay
The spot price is the price for immediate delivery of unallocated bullion in the wholesale market. Retail coins and bars carry a premium over spot covering refining, minting, distribution and dealer margin, and dealers buy back below spot. The gap between those two numbers is often larger than a year of price movement.
Units matter
Metals are conventionally quoted in US dollars per troy ounce (31.1035 grams), not the familiar avoirdupois ounce. Local markets often quote per gram, per tola or per 10 grams, which is a frequent source of confusion when comparing prices across countries.